Big Pine Key Homes for sale plus the Lower Keys

Benefits of Owning a 2nd Vacation Home

Looking for a tropical get-away that does not require a passport? Look at the Florida Keys. Stretching from around fifteen miles south of Miami to less than one hundred miles from Cuba, the Florida Keys offer a multicultural living and vacation experience to fit every budget.

Financing a Tropical Dream

Once reserved for the rich and the famous, a second vacation home can now be part of a smart investment portfolio. Mortgage rates are low, making financing a home in the Florida Keys more affordable than ever. Also, unlike the rich and the famous, the average individual is likely to rent his vacation home out to tourists when he is not using it himself.

Waterfront property is especially popular as a vacation spot. It offers the amenities of the local community – restaurants, attractions, transportation, security – and the beauty of communing with nature. The income from these rentals often covers the entire mortgage, enabling the owner to enjoy a free vacation in the Keys whenever he pleases.
Waterfront property also tends to appreciate in value over the long term due to its lasting popularity. The savvy homeowner of a Florida Keys waterfront vacation home is also building equity while he vacations there and rents it out – equity that can either be cashed in at retirement or lived in on a full-time basis.

Peace of Mind

Ask any therapist. The soothing sounds of the ocean provide the perfect background for relaxation. With a vacation home in the Florida Keys, no tapes or compact discs are needed.
Simply open the windows to enjoy the ocean’s relaxing sounds.

Also, as stress is a significant risk factor in elevated blood pressure, a vacation home in the Florida Keys benefits the homeowner physically as well as mentally.
Stress melts away with the ebb and flow of the tide, with the beauty of the sun rising or setting over the ocean, with the gentle ocean breeze.

One can almost feel his blood pressure lower with the laid back lifestyle. Or, if the need for some company arises, the Florida Keys offer a variety of restaurants, museums, parks, and attractions to amuse and entertain.

Add to the scenic view, soothing sounds, and peace of mind that comes with knowing that. No matter how stressful life becomes, a little slice of paradise awaits. It is a reward at the end of the summer, or at the end of a career.

Article courtesy of Diane Corliss

Diane Corliss
REALTOR®GRI

Coldwell Banker Schmitt
29967 Overseas Hwy.
Big Pine Key, FL 33043.
Direct: 305-849-0934
Office: 305-872-5285
Fax: 305-768-0660

Diane@ DianeCorliss.com

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Some of the Tax Advantages of Owning a Second Home

If you own a second home or are thinking about buying one, they can in fact provide you with tax benefits.
First you will need to determine how you plan to use the property and then determine if will fit in with Internal Revenue Service (IRS) regulations.

For example.

If you live in your vacation home for at least a portion of the year, it will fall into the residence category, but if you rent it to others for the entire year, it will be looked on as an investment or rental property instead.

Some stipulations:

Many properties—such as a condominium, cabin, duplex, detached house, recreational vehicle, or even a boat—can qualify as a tax deduction. (The law states that they must have a kitchen, a bathroom, and a sleeping area.)

Also, IRS regulations stipulate that your vacation home will qualify as a residence if you spend 10% of the rental period on the premises, or a minimum of 14 days annually.
By way or contrast, if you rent your second home for less than 14 days, the income from the rental does not have to be reported on your tax return, and it is tax free.
However, if you rent the property for a longer period, the rental income must be reported, but allowable tax deductions can also apply.
However, IRS rules will not allow you to claim a loss on a second home, and the best you can hope to do is to break even.

Your income plays a role:

If your expenses exceed your income on a rental property, you can offset the loss with passive income.
If your yearly income is below $100,000, you can claim as much as $25,000 in losses.
If your income is higher, the amount of the allowable loss is less, and if your income reaches $150,000, it is totally eliminated.

Over a number of years, you may also be able to deduction depreciation on your second home’s value, which reflects wear and tear on both the home and contents, rather than land value.
Before buying a vacation home, you absolutely should consult with your accountant to discuss how IRS regulations and tax advantages will apply in your particular situation.

Diane Corliss
REALTOR®GRI

Coldwell Banker Schmitt
29967 Overseas Hwy.
Big Pine Key, FL 33043.
Direct: 305-849-0934
Office: 305-872-5285
Fax: 305-768-0660

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This 2003 ground level 2176 sq ft 3 bedrooms 3 baths, concrete seawall w/boat basin lot 120 x 85, beautiful knotty pine interior, large living room, kitchen, dining room. This home is not a drive by, great location, private area.

Diane Corliss
REALTOR®GRI

Coldwell Banker Schmitt
29967 Overseas Hwy.
Big Pine Key, FL 33043.
Direct: 305-849-0934
Office: 305-872-5285
Fax: 305-768-0660

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Great Location Canal front 2 bedroom 1 bath home, ocean side, no bridges, clean and neat, great dockage.

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